While the report sees the MRO market as highly volatile, it also paints a long-term picture that is positive overall, with an anticipated growth reaching more than $55 billion by 2015.

“The [current] weakness in the global market is the result of tight financial conditions, rising fuel costs, falling air traffic demand and reduced spending on air travel by both households and corporations,” it states. The report estimates 1,025 aircraft were idled last year and notes that the oldest, most maintenance-demanding aircraft were the first ones to be moved to the back of the hangar.

Elsewhere, the report says that as the market recovers, strong demand fundamentals will re-emerge to support growth. It cited expanding air traffic that has already led to the establishment of numerous low-cost MRO facilities in budding Asian markets, including Singapore, China, India and Malaysia.